DALLAS--(BUSINESS WIRE)--INX Inc. (NASDAQ:INXI) (the “Company” or “INX”) announced today that it must further delay the announcement of financial results for its fourth quarter and year ended December 31, 2010 and the results of the restatement of certain prior period financial statements.
At this time the Company is in the final stage of finalizing its financial results which are also subject to completion of the audit related to these items and until the financial results are finalized and the audit is concluded the Company cannot make the related filings with the SEC or announce the results.
The Company previously announced that it intended to announce results after the market close on Monday, April 11, 2011 and hold an investor webcast and conference call on Tuesday, April 12, 2011.
Commenting on the announcement, James Long, INX’s Executive Chairman, said, “We are disappointed that we must further delay the announcement of our operating results. We intend to file with the SEC, announce results, and reschedule the investor webcast and conference call as soon as we are able to do so, which at this time we expect will be within a few days.”
Commenting on the status of the Company’s NASDAQ listing, Mr. Long said, “As we previously announced, the NASDAQ Listing Qualifications Panel established a deadline of April 11, 2011 for making our filings. We have been in contact with NASDAQ to discuss the implications of missing the filing deadline. In the event that NASDAQ determines that it must take action based on our failure to meet its deadline, we understand that they would suspend trading in our common stock on The NASDAQ Stock Market. During such a suspension, it is expected that our common stock will be quoted and traded in the over-the-counter market. Should this happen, we plan to immediately file an application to resume trading on NASDAQ. Provided that we make the filings as expected and that we continue to meet NASDAQ’s initial listing requirements, we believe that NASDAQ will be able to expedite the review of our listing application thereby expediting the termination of the trading suspension and the re-initiation of trading on NASDAQ. We intend to make a further announcement on the status of our NASDAQ listing within the next day or two.”
ABOUT INX INC.:
INX Inc. (NASDAQ:INXI) is a leading U.S. provider of IP communications and data center solutions for enterprise organizations. INX offers a suite of advanced technology solutions focused around the entire life-cycle of enterprise IP network communications and data center infrastructure. Solutions are centered on the design, implementation and support of network infrastructure, including routing and switching, wireless, security, unified communications, and data center solutions such as storage and server virtualization. Customers include enterprise organizations such as corporations, healthcare organizations, educational institutions, and federal, state and local governmental agencies. Because of its focus, expertise and experience implementing and supporting advanced technology solutions for enterprises, INX believes it is well positioned to deliver superior solutions and services to its customers. Additional information about INX can be found on the Web at www.INXI.com.